Capitalism

In order to produce capital goods, and hence more consumer goods, we must first forego current consumption. That is, we must save now to have more later.

The saddest aspect of this economic ignorance is that these evangelicals have completely ignored the real reductions in poverty rates in the past forty years, reductions that are due to liberalizing economies that once were in socialist straitjackets.

Marx believed truth could only be fully understood by a certain socioeconomic class. Ludwig von Mises disagreed.

The saddest aspect of this economic ignorance is that these evangelicals have completely ignored the real reductions in poverty rates in the past forty years, reductions that are due to liberalizing economies that once were in socialist straitjackets.

Mises knew: “Mass unemployment destroys the moral foundations of the social order. The young people…forced to remain idle, are the ferment out of which the most radical political movements are formed."

Measures of wealth inequality overstate actual inequality in terms of the standard of living of wealthy people relative to the rest.

Mises knew: “Mass unemployment destroys the moral foundations of the social order. The young people…forced to remain idle, are the ferment out of which the most radical political movements are formed."

Some claim "the rich" will be fine—or even better off—after the COVID panic destroys the economy for most of us. But there's a problem: the wealthy depend heavily on an economy fueled by the production and consumption of all workers and entrepreneurs.

David Gordon reviews Janek Wasserman's "The Marginal Revolutionaries" and finds some concerning errors and misunderstandings.